Quote:
Originally Posted by mosholu
For the sake of discussion at what point should higher rates kick in if not 250k. If it is not 250 should it be 300 or 500? I personally find it offensive that the tax rates stop increasing at a certain point. I have read a lot of articles that point to the higher concentration of wealth in the top 1% of the country. I think that it is only fair that these people have a higher rate of tax as their income goes higher especially given the crisis we are facing.
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The top 1% of Americans pay about 38% of the federal taxes. The share they pay is higher than it was 15 years ago. To me, that's pretty damn progressive.
I agree no one needs a billion dollars. But if someone has the ability to earn it and does, how much of that should be confiscated by taxes? How much of someone else's pile do you feel entitled to?
Here in CT, those at the top pay 35% in federal income tax, and 6+% in state income tax. That's 41% of their earnings that they hand over. That seems like a whole lot to me.
As I said, let's restore some sanity to the spending levels, and see where that gets us. If we can't eliminate the deficit with reasonable cuts, then yes we have to raise taxes, and common sense says you start with the billionaires. But you have to cut spending as much as you can, before you take more of someone else's money.
How do you raise taxes on working folks so that cops can keep retiring in their 40's? Anyone want to try explaining that to me?